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FINANCIAL MARKET COURSES

Exchange-Traded Funds (ETFs) – An Introduction

This course covers the fundamentals of ETFs, beginning with the unusual way that these securities are constructed (and redeemed) and the key players involved in that process. The course also covers topics such as ETF pricing, trading, investment strategies, and market development. The attractions of ETFs for investors are also described, as well as how they compare with other investment vehicles such as mutual funds.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Recognize the basics of ETFs, including how they are created, traded, and redeemed

    Identify the key features of ETFs that makes them such an attractive investment vehicle for many investors

    Recall the evolution of the ETF market and its development worldwide

  • COURSE OUTLINE

    Topic 1: Overview of ETFs

    What Is an ETF?

    ETF Creation

    o In-Kind vs. Cash Create Transactions

    Net Asset Value (NAV)

    ETF Redemption

    o Sale of ETF Shares in the Secondary Market

    o Redemption of ETF Creation Units

    ETF Trading

    o Intraday Value

    ETF Applications

    ETFs vs. Mutual Funds

    o Management

    o Pricing & Trading

    o Fees

    o Taxation

    Market Development

    o North America

    o Europe

    o Asia-Pacific

    Topic 2: Features of ETFs

    Diversification

    Liquidity

    Asset Classes

    Costs

    o Operating Expenses (Total Expense Ratio)

    o Bid/Ask Spreads

    o Commissions

    Taxation

    Investment Strategies

    o Asset Allocation

    o Core & Satellite Strategy

    o Hedging

    o Cash Equitization

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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